Company Valuation: Masan Group Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 201,872,240 132,406,405 95,866,508 100,684,613 111,335,490 99,189,800 - -
Change - -34.41% -27.6% 5.03% 10.58% -10.91% - -
Enterprise Value (EV) 1 237,412,310 132,406,405 148,519,293 140,943,541 164,110,818 149,661,442 144,220,618 134,751,521
Change - -44.23% 12.17% -5.1% 16.44% -8.8% -3.64% -6.57%
P/E 23.5x 37x 228x 52x 28.4x 13.2x 10.4x 8.61x
PBR 6.14x - 3.61x 3.33x 3.15x 2.35x 1.89x 1.64x
PEG - -0.6x -2.6x 0x 0x 0.1x 0.4x 0.4x
Capitalization / Revenue 2.28x 1.74x 1.23x 1.21x 1.36x 0.89x 0.84x 0.76x
EV / Revenue 2.68x 1.74x 1.9x 1.69x 2.01x 1.35x 1.23x 1.04x
EV / EBITDA 21.8x 14.6x 17.9x 13.7x 14.8x 9.35x 7.87x 6.73x
EV / EBIT 37.8x 28.4x 35.5x 22.8x 21.4x 12.6x 10.6x 9.5x
EV / FCF - - -85.9x 21.9x -337x 79.8x 14.4x 14.2x
FCF Yield - - -1.16% 4.56% -0.3% 1.25% 6.95% 7.06%
Dividend per Share 2 - - - - - 1,080 1,329 1,608
Rate of return - - - - - 1.57% 1.94% 2.34%
EPS 2 6,058 2,511 294 1,345 2,710 5,215 6,619 7,971
Distribution rate - - - - - 20.7% 20.1% 20.2%
Net sales 1 88,628,767 76,189,225 78,251,619 83,177,720 81,621,329 111,053,641 117,614,738 129,699,370
EBITDA 1 10,915,173 9,075,694 8,302,418 10,306,344 11,092,993 16,007,657 18,326,223 20,018,481
EBIT 1 6,283,494 4,669,171 4,178,755 6,173,389 7,664,287 11,919,266 13,645,183 14,179,043
Net income 1 8,562,882 3,566,996 418,695 1,999,059 4,108,306 7,669,019 9,334,756 11,325,563
Net Debt 1 35,540,070 - 52,652,785 40,258,928 52,775,328 50,471,641 45,030,818 35,561,721
Reference price 2 142,500.00 93,000.00 67,000.00 70,000.00 77,000.00 68,600.00 68,600.00 68,600.00
Nbr of stocks (in thousands) 1,416,647 1,423,725 1,430,843 1,438,352 1,445,915 1,445,915 - -
Announcement Date 1/27/22 1/28/23 1/30/24 1/24/25 1/24/26 - - -
1VND in Million2VND
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.62x2.81x14.03x4.01% 249B
19.51x2.46x14.67x3.36% 78.21B
16.93x1.77x9.97x3.69% 47.64B
15.67x0.56x10.17x2.46% 40.78B
20.96x3.18x12.93x3.34% 34.79B
35.46x3.08x17.84x1.04% 31.65B
-15.21x1.89x9.38x6.46% 29.47B
65.78x10.1x41.87x1.16% 29B
Average 22.47x 3.23x 16.36x 3.19% 67.54B
Weighted average by Cap. 21.12x 2.88x 14.86x 3.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation Masan Group Corporation
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